As lawmakers return from recess Monday, President Donald Trump is putting pressure on Congress to coalesce around a bill to repeal and replace ObamaCare, however one manufacturing CEO says infrastructure should be an equally important priority.
“You cannot continue to ignore rebuilding the infrastructure … it eventually needs to be replaced and we have been ignoring the infrastructure for a very long time,” Martin Tuchman, co-founder of Interpool and Chairman and CEO of the Tuchman Group, told FOX Business Monday.
While President Donald Trump has proposed a $1 trillion infrastructure plan, it is estimated that, “by 2025 a total investment of $4.59 trillion is required to improve the nation’s infrastructure,” according to a report by the American Society of Civil Engineers.
Tuchman has a plan to fund the nation’s infrastructure rebuild that involves slashing the tax on repatriated profits by 30 percentage points, from 35% to 5%. A subsequent 25% of those repatriated profits would be invested in municipal bonds, giving state legislators discretion over spending.
“If there is in fact $2 trillion dollars that gets repatriated under this plan, $500 billion would go into the rebuilding the infrastructure, also creating jobs,” Tuchman said.
Watch the video here.
